Can I Get Approved for Car Finance with an Average Credit Rating?

Hi. I am looking to get credit for a new car. I wonder how I will get on. I want to buy a car worth £16700 and put down £5000 deposit. I have a salary of £52k per year. My credit report reads 371 with equifax which I believe is average. I moved house in December and have submitted my name to council but doesn't seem to show up yet. All my previous address's`s had me registered and this is shown. I have two o2 contracts which I have not missed payment for in 4 years, I have capital one credit car which I have started to use and clear every month. I have freemans which I have never missed payment on. I had an old talk talk mobile which I also never made any late payments. I have made 4 late payments to studio in the last year, the reason for this was that i kept asking them to set up a direct debit and it never got done, this was at a time when my mother was poorly. What do you think my chances are?? I want to get a car this year and show that i can pay it no bother, then next year to get a mortgage. Thanks Liam

Asked by Liam Simpson
May 29, 2013

Hi Liam, as you have a large deposit, a good income and some current clean credit i'm confident we'd get you approved for the amount you need. Please apply when you get a moment. Regards, Rachel


Fair credit related questions

Hi, I am looking to get car finance on a BMW worth around £22k. Its called PCP (BMW Select). I have a £5000 deposit to make and the payments are around £280 p/month. My income at the moment is up and down around £800-900 net but in about two

Asked by Pedro
May 29, 2013

Hi Pedro, thank you for your question.

You do have a good credit score and a large deposit so this will obviously work in your favour. Your income concerns me slightly as you're after a £22,000 car while only earning £800 - £900 currently.

However, you do have a chance of getting approved with BMW for a PCP deal so by all means go ahead and apply with them first. If you do get approved it's unlikely they will ask for proof of income anyway.

If you do get declined for a PCP please make an application with us as i'm confident we can get you approved due to the vast amount of lenders we have on our panel.

Have a good evening, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

Hi, I am looking for car finance for roughly £3500 - £5000. I can obtain a deposit of about £400. Last look at my credit score It was 763. I have an old default which has been settled and is due to be dropped off my credit file in December this year (2012

Asked by Sarah
May 29, 2013

Hi Sarah, thank you for your detailed question. With a fair credit history and a score of over 700 we should be able to get you approved for £3500 to £5000 with no issues at all. The good news is that your default is settled and you've had no missed payments in the last few years. The fact that you also have a £400 deposit and you're employed full time is great news. Please apply when you get chance. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

Hi, I have a couple of questions about finance for a car for about £5-6k and I can get a deposit of around £1k if needed.

However, I do have a three outstanding defaults. 2 are due to expire in the next couple of months and was for about £20

Asked by Gavin Newb
May 29, 2013

Hi Gavin, thank you for your detailed question!

The good news is that we do have lenders on our panel who help people with past defaults get car finance. As you're self employed we'd just need to see 3 months bank statements proving your income. Hopefully this won't be a problem.

Your credit score does seem quite low however, this may be down to the recent credit searches on your profile so don't worry too much about this. Having a £1k deposit will certainly help matters so please place that down on the application form.

All in all from what you have said i'm confident we could get you approved for £6000 - we can't guarantee but we'll certainly try our best. We also have the most lenders on our panel than the majority of brokers.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

Hi, I have recently started my own company. Before that I had a salary more than 70K. Now my company invoices are almost 11k per month. My credit score in last year June was 451, which was good in Equifax record. Now I needed a car loan of 15k. I also wan

Asked by Sam
May 29, 2013

Hi Sam. Many finance companies require that you be self employed for a minimum of 12 months. However here ar CF247 we deal with most lenders on the market and work with many lenders who don't require that. Your credit score is good and I am confident that we will be able to do something for you. Please make an application when you are ready so we can get the ball rolling :) Thanks Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

Hiya, I had a ccj which has recently been removed and now my credit seen by lenders is 683 and credit seen by landlord and employees is 826. I have a defult on my file which was put on my file 3 years ago. I currently drive a 57 corsa which I would like t

Asked by Elizabeth
May 29, 2013

Hi Elizabeth, Thank you for your question. Here at CF247 we deal with most lenders on the market and many of these lenders will finance people who have previously experienced credit issues. We would need to see an application to have a closer look at your profile and assess which would be the most appropriate lender for you. We have been able to secure previous customers in similar situations to yourself up to £25,000. However there is a chance that you will require a deposit. I hope this helps.Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

I have a credit rating of approx 750 (fair) with a minor default (£300 from a student overdraft) I'm looking for a loan in the region of £7000 and have a P/X and approx £1k deposit. I have recently been declined by a high street bank. I dont want to re ap

Asked by Tom
May 29, 2013

Hi Tom, It tends to be harder to get approved for a personal loan from the bank than it is to gain vehicle finance as with vehicle finance the loan is secured against the vehicle so if something were to happen whereby you couldn't make your payments, the finance company would just take back the vehicle. With banks they have no asset to take back. Thus it may be worth making an application with ourselves. We deal with many lenders and have a high acceptance rate. Thanks Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 10 People

I have a fair credit rating of 761 but limited credit history. I have only held a bank account for about a month and didn't have one previously. I have a Kia Picanto 2004 model to be traded in for about £1000 in cash. Would i need a guarantor or can i get

Asked by Chelsea Reynolds
May 29, 2013

Hi Chelsea, how old are you? Based on your fair credit score we should be able to help and the fact you have a decent deposit strengthens your chances.
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 5 People

I have been at my Parents address for 16 years, I have a mobile phone contract and I am on the ER, I have a credit rating of fair but had one default with a mobile phone company in 2008, I am looking at getting around 5k? Do you think you could help? I

Asked by Rory
May 29, 2013

Hi Rory. It is possible to gain finance in your situation, however having no deposit does make it slightly more difficult. All I can suggest is that your put an application through so we can take a closer look at your profile. Kind regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 11 People

I have just started paying myself around £55k per year (2 months of payments at 55k, previous payments about £1333 per month) from my Ltd company. I have always lived at the same address, voters roll etc. I have been on time for my credit card payments ap

Asked by David Rawlins
May 29, 2013

Hi David, apologies for the delayed response. I'm not 100% as to whether BMW would accept your application or not as i don't know their underwriting criteria. You may well have a decent chance from what you have said. I am very confident that we could help though as we have many lenders on our panel who help people with the odd past blip on their credit file. As you have a stable residential history, a large income, a large deposit and recent clean credit we'd be able to get you approved. The choice is your but if you apply with us and get approved we provide a no obligation quote and you are free to buy a car from any dealer. Kind Regards, Rachel

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